No cross-holdings with Asia Pulp & Paper: AFP

No cross-holdings with Asia Pulp & Paper: AFP

SINGAPORE (Dow Jones): Singapore-listed Asia Food & Properties
Ltd. (AFP) said Wednesday it has no cross-share holdings with
Asia Pulp & Paper Co. (APP) even though the two companies share
the same parent.

The two are owned by the Indonesia Widjaja family, but the
debt troubles of APP has no bearing on AFP, the company said in a
statement.

The company's statement comes a day after its shares hit an
all-time low on worries that APP's debt woes will spill over to
AFP. In addition, markets were worries that the Widjajas may sell
stakes in AFP to rescue debt-laden APP.

AFP said while there are several existing trading
relationships and commercial transactions between APP Group and
itself, the aggregate value of the transactions between the two
"remains minimal in relation to the overall size of the AFP
Group's operations."

The company said, "The development at APP has no material
bearing on the AFP group of companies," which include its Jakarta
Stock Exchange-listed property company PT Duta Pertiwi Tbk,
Singapore Exchange-listed Golden Agri-Resources Ltd. and its
Jakarta-listed unit PT SMART Tbk.

AFP said its group of companies are independently managed and
listed and governed by the rules and regulations of the Stock
Exchanges of both Singapore and Jakarta.

"Since AFP's inception, the Widjaja family has been a
substantial shareholder and intends to continue to hold that
position," AFP said in the statement.

However, the statement didn't disclose why the Widjajas have
recently sold more than 100 million shares in AFP, nor did the
statement disclose whether AFP has provided any corporate
guarantees to APP or its other affiliates.